Asia-Pacific region economies are often spoken of in terms of
their rapid adoption of mobile communications and the runaway
success of e-commerce platforms and mobile payments. It is no
wonder, then, that lawmakers in the region have turned to evaluate
'open' initiatives in financial services, whereby data will
flow freely through an ecosystem of financial institutions,
FinTechs and other players seeking to leverage technology to
provide innovative new services.
UK Open Banking is often held up as the template for these
initiatives, a regime that forces an opening of payment account
data by leading financial institutions, primarily as a competition
law and Payment Services Regulatory remedy directed at enabling
consumers freer choice in financial services and an
“unbundling” of the universal banking model.
